JUDGMENT :

Krishna Rao, J.

1. The plaintiff has filed the present application being G.A No. 3 of 2021 for summary Judgment for a sum of Rs. 1,05,81,972/-against the defendants.

2. The plaintiff contended that the plaintiff is a non-banking financial company carrying on business of lending money. The plaintiff is duly authorised by the Reserve Bank of India for the said business. The defendant No.1 is a partnership firm and the defendant Nos. 2 and 3 are the partners of defendant No.1.

3. The defendants obtained loan of Rs. 50,00,000/-from the plaintiff on April 4, 2011 with interest at the rate of 17% per annum. The said loan was initially for a period of 120 days with the provision for renewal by mutual agreement subject to the Defendants making payment of interest accrued thereon from time to time. The plaintiff has transferred an amount of Rs.50 lakhs by RTGS on April 4, 2011 and the defendants have acknowledged the same through a receipt confirming the interest at the rate of 17% per annum. Subsequently after renegotiation the interest rate was enhanced from 17% to 18% p.a. with effect from December 1, 2011 and the defendants have started paying the interest at the rate of 18% p.a.